Copper Rand Mine

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A gold-copper mine previously owned by Campbell Resources. Development at the Copper Rand Mine reached the 4,850-foot level, the deepest level to date. On September 10, 2008 Campbell Resources Inc. announced that it will be discontinuing mining operations at its Copper Rand mine by December 31, 2008. Campbell has 100% ownership of the Copper Rand mine. The mine operated from 1959 to 2008 and extracted 16,445,493 tonnes at an average grade of 1.8% Cu, 2.8 g/t Au. Most of the mining was done under the lake and there is a tunnel connecting the Copper Rand underground workings to the working of the Copper Cliff and Cedar Bay mines to the NW.

“The decision to close the Copper Rand mine is an extremely difficult one, but we are convinced that this is the only reasonable course of action at this time,” Mr. Fortier said. “We will now be dedicating our resources to the ongoing development of the higher-grade Corner Bay project and operations at the Copper Rand mill and to pursuing other opportunities in the Chibougamau camp. Until now, this has basically been ignored as we focused on the Copper Rand mine. Chibougamau is a very desirable mining camp with many opportunities available.”

Current the mine is owned by CBay Minerals Inc as part of their Chibougamau Area Property. CBay is jointly owned 50-50% by Nuinsco Resources Limited and Ocean Partners Holdings Limited. When Campbell Resources ran into solvency issues Nuinsco and Ocean Partners acquired secured debt now owned to become the sole secured creditors of all Campbell Assets. In November 2011 The Quebec Court affirmed each companies 50:50 interest into CBay Resources.

Reference:

www.nuinsco.ca/projects/chibougamau/